Gold still shows some weakness against the US Dollar, as it is being pressured lower since mid-June. By Friday morning, the pair had fallen down to the bottom boundaries of two channels, the most senior of which was formed in March.
The yellow metal has likewise returned to test the 55-hour SMA at 1,253.00. In case this moving average is breached, the rate is likely to aim for the following resistance cluster set by the 55-period (4H) and the 100-hour SMAs and the monthly S2 at 1.260.00. A strong bullish sentiment could send it even higher gains towards 1,265.00.
In general, it is not expected that a massive fall occurs today. If the 55-hour SMA remains intact, Gold should continue gradually moving lower along this line
